Reconciliations of the non-GAAP financial measures discussed below to
our GAAP operating results are included at the end of this release. See
also “About non-GAAP Financial Measures.”

Revenue in the second quarter was $199.1 million, representing a 6.8%
increase versus Q2 of last year and a 0.3% decrease from the previous
quarter. Revenue less repair payments* in the second quarter was $195.5
million, an increase of 7.2% year-over-year and a 0.3% decline
sequentially. Excluding exchange rate impacts, constant currency revenue
less repair payments* in the fiscal second quarter grew 11.0% versus Q2
of last year and 3.4% sequentially. Year-over-year, fiscal Q2 revenue
improvement was driven by healthy organic growth across key verticals,
services, and geographies, which more than offset headwinds from
currency movements and hedging losses. Sequentially, organic revenue
growth was more than offset by currency movements and hedging losses.

Operating margin in the second quarter was 14.5%, as compared to 10.8%
in Q2 of last year and 12.6% in the previous quarter. On a
year-over-year basis, margin improvement was the result of increased
productivity, lower share-based compensation expense, operating leverage
on higher volumes, and currency movements net of hedging. These benefits
more than offset the impact of our annual wage increases and lower seat
utilization. Sequentially, margins improved due to increased
productivity, favorable currency movements net of hedging, and operating
leverage on higher volume. These benefits more than offset the impact of
our annual wage increases.

Second quarter adjusted operating margin* was 21.0%, versus 18.5% in Q2
of last year and 18.8% last quarter. On a year-over-year basis, adjusted
operating margin* improved due to increased productivity, operating
leverage on higher volumes, and currency movements net of hedging. These
benefits were partially offset by the impact of our annual wage
increases and lower seat utilization. Sequentially, adjusted operating
margin* improved due to increased productivity, favorable currency
movements net of hedging, and operating leverage on higher volume. These
benefits more than offset the impact of our annual wage increases.

Profit in the fiscal second quarter was $24.8 million, as compared to
$18.9 million in Q2 of last year and $22.4 million in the previous
quarter. Adjusted net income (ANI)* in Q2 was $33.7 million, up $6.0
million as compared to Q2 of last year and up $2.9 million from the
previous quarter.

From a balance sheet perspective, WNS ended Q2 with $158.1 million in
cash and investments and $75.3 million of debt. In the second quarter,
the company generated $30.6 million in cash from operations, and
incurred $10.7 million in capital expenditures. In the second quarter,
WNS repurchased 649,700 ADSs at an average price of $50.73 per ADS.
Share repurchases impacted Q2 cash by $33.3 million, and the company
also made scheduled debt payments of $14.1 million. Days sales
outstanding were 35 days, as compared to 30 days reported in Q2 of last
year and 31 days in the previous quarter.

“WNS’s second quarter financial performance continued to demonstrate our
solid business momentum and differentiated positioning in the BPM
marketplace. In the fiscal second quarter, the company grew revenue less
repair payments* 7% year-over-year, or 11% on an organic, constant
currency* basis. We were also able to expand our margins during the
quarter and deliver a 23% increase in adjusted diluted earnings* per ADS
versus the same quarter of last year,” said Keshav Murugesh, WNS’s Chief
Executive Officer. “WNS remains committed to helping our clients
outperform in their respective industries through co-creation, and to
delivering enhanced value to all our key stakeholders.”

Fiscal 2019 Guidance

WNS is updating guidance for the fiscal year ending March 31, 2019 as
follows:

Revenue less repair payments* is expected to be between $775 million
and $801 million, up from $741.0 million in fiscal 2018. This assumes
an average GBP to USD exchange rate of 1.31 for the remainder of
fiscal 2019.

ANI* is expected to range between $127 million and $135 million versus
$118.4 million in fiscal 2018. This assumes an average USD to INR
exchange rate of 74.0 for the remainder of fiscal 2019.

Based on a diluted share count of 52.4 million shares, the company
expects adjusted diluted earnings* per ADS to be in the range of $2.42
to $2.58 versus $2.24 in fiscal 2018.

“The company has updated our forecast for fiscal 2019 based on current
visibility levels and exchange rates,” said Sanjay Puria, WNS’s Chief
Financial Officer. “Our guidance for the year reflects growth in revenue
less repair payments* of 5% to 8%, or 8% to 12% on a constant currency*
basis. We currently have 98% visibility to the midpoint of the range.”

Conference Call

WNS will host a conference call on October 25, 2018 at 8:00 am (Eastern)
to discuss the company's quarterly results. To participate in the call,
please use the following details: +1-888-656-9018; international dial-in
+1-503-343-6030; participant passcode 3582659. A replay will be
available for one week following the call at +1-855-859-2056;
international dial-in +1-404-537-3406; passcode 3582659, as well as on
the WNS website, www.wns.com,
beginning two hours after the end of the call.

About WNS

WNS (Holdings) Limited (NYSE: WNS), is a leading global business process
management company. WNS offers business value to 350+ global clients by
combining operational excellence with deep domain expertise in key
industry verticals including Travel, Insurance, Banking and Financial
Services, Manufacturing, Retail and Consumer Packaged Goods, Shipping
and Logistics, Healthcare and Utilities. WNS delivers an entire spectrum
of business process management services such as finance and accounting,
customer interaction services, technology solutions, research and
analytics and industry specific back office and front office processes.
As of September 30, 2018, WNS had 38,516 professionals across 57
delivery centers worldwide including China, Costa Rica, India,
Philippines, Poland, Romania, South Africa, Sri Lanka, Turkey, United
Kingdom and the United States. For more information, visit www.wns.com.

Safe Harbor Statement

This release contains forward-looking statements, as defined in the safe
harbor provisions of the US Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on our current
expectations and assumptions about our Company and our industry.
Generally, these forward-looking statements may be identified by the use
of terminology such as “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “will,” “seek,” “should” and similar expressions. These
statements include, among other things, the discussions of our strategic
initiatives and the expected resulting benefits, our growth
opportunities, industry environment, expectations concerning our future
financial performance and growth potential, including our fiscal 2019
guidance, future profitability, and expected foreign currency exchange
rates. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied by such statements. Such risks and
uncertainties include but are not limited to worldwide economic and
business conditions; political or economic instability in the
jurisdictions where we have operations; our dependence on a limited
number of clients in a limited number of industries; regulatory,
legislative and judicial developments; increasing competition in the BPM
industry; technological innovation; telecommunications or technology
disruptions; our ability to attract and retain clients; our liability
arising from fraud or unauthorized disclosure of sensitive or
confidential client and customer data; negative public reaction in the
US or the UK to offshore outsourcing; our ability to expand our business
or effectively manage growth; our ability to hire and retain enough
sufficiently trained employees to support our operations; the effects of
our different pricing strategies or those of our competitors; our
ability to successfully consummate, integrate and achieve accretive
benefits from our strategic acquisitions, and to successfully grow our
revenue and expand our service offerings and market share; and future
regulatory actions and conditions in our operating areas. These and
other factors are more fully discussed in our most recent annual report
on Form 20-F and subsequent reports on Form 6-K filed with or furnished
to the US Securities and Exchange Commission (SEC) which are available
at www.sec.gov.
We caution you not to place undue reliance on any forward-looking
statements. Except as required by law, we do not undertake to update any
forward-looking statements to reflect future events or circumstances.

References to “$” and “USD” refer to the United States dollars, the
legal currency of the United States; references to “GBP” refer to the
British pound, the legal currency of Britain; and references to “INR”
refer to Indian Rupees, the legal currency of India. References to GAAP
refers to International Financial Reporting Standards, as issued by the
International Accounting Standards Board (IFRS).

* See “About non-GAAP Financial Measures” and the reconciliations of the
historical non-GAAP financial measures to our GAAP operating results at
the end of this release.

Less: 1,100,000 shares as at September 30, 2018 and 4,400,000 shares
as at March 31, 2018, held in treasury, at cost

(56.3

)

(134.2

)

Total shareholders’ equity

$

447.9

$

495.0

TOTAL LIABILITIES AND EQUITY

$

689.0

$

759.6

About non-GAAP Financial Measures

The financial information in this release includes certain non-GAAP
financial measures that we believe more accurately reflect our core
operating performance. Reconciliations of these non-GAAP financial
measures to our GAAP operating results are included below. A more
detailed discussion of our GAAP results is contained in “Part I –Item 5.
Operating and Financial Review and Prospects” in our annual report on
Form 20-F filed with the SEC on May 16, 2018.

For financial statement reporting purposes, WNS has two reportable
segments: WNS Global BPM and WNS Auto Claims BPM. Revenue less repair
payments is a non-GAAP financial measure that is calculated as (a)
revenue less (b) in the auto claims business, payments to repair centers
for “fault” repair cases where WNS acts as the principal in its dealings
with the third party repair centers and its clients. WNS believes that
revenue less repair payments for “fault” repairs reflects more
accurately the value addition of the business process management
services that it directly provides to its clients. For more details,
please see the discussion in “Part I – Item 5. Operating and Financial
Review and Prospects – Overview” in our annual report on Form 20-F filed
with the SEC on May 16, 2018.

Constant currency revenue less repair payments is a non-GAAP financial
measure. We present constant currency revenue less repair payments so
that revenue less repair payments may be viewed without the impact of
foreign currency exchange rate fluctuations, thereby facilitating
period-to-period comparisons of business performance. Constant currency
revenue less repair payments is presented by recalculating prior
period’s revenue less repair payments denominated in currencies other
than in US dollars using the foreign exchange rate used for the latest
period, without taking into account the impact of hedging gains/losses.
Our non-US dollar denominated revenues include, but are not limited to,
revenues denominated in pound sterling, South African rand, Australian
dollar and Euro.

WNS also presents (1) adjusted operating margin, which refers to
adjusted operating profit (calculated as operating profit / (loss)
excluding share-based expense and amortization of intangible assets) as
a percentage of revenue less repair payments, and (2) ANI, which is
calculated as profit excluding share-based expense and amortization of
intangible assets and including the tax effect thereon, and other
non-GAAP financial measures included in this release as supplemental
measures of its performance. WNS presents these non-GAAP financial
measures because it believes they assist investors in comparing its
performance across reporting periods on a consistent basis by excluding
items that are non-recurring in nature and those it believes are not
indicative of its core operating performance. In addition, it uses these
non-GAAP financial measures (i) as a factor in evaluating management’s
performance when determining incentive compensation and (ii) to evaluate
the effectiveness of its business strategies. These non-GAAP financial
measures are not meant to be considered in isolation or as a substitute
for WNS’s financial results prepared in accordance with IFRS.

The company is not able to provide our forward-looking GAAP revenue,
profit and earnings per ADS without unreasonable efforts for a number of
reasons, including our inability to predict with a reasonable degree of
certainty the payments to repair centers, our future share-based
compensation expense under IFRS 2 (Share Based payments), amortization
of intangibles associated with future acquisitions and currency
fluctuations. As a result, any attempt to provide a reconciliation of
the forward-looking GAAP financial measures (revenue, profit, earnings
per ADS) to our forward-looking non-GAAP financial measures (revenue
less repair payments*, ANI* and Adjusted diluted earnings* per ADS
respectively) would imply a degree of likelihood that we do not believe
is reasonable.

(1) The company applies GAAP methodologies in computing the
tax impact on its non-GAAP ANI adjustments (including amortization of
intangible assets and share-based compensation expense). The company’s
non-GAAP tax expense is generally higher than its GAAP tax expense if
the income subject to taxes is higher considering the effect of the
items excluded from GAAP profit to arrive at non-GAAP profit.

Three months ended

Sep 30,2018

Sep 30,2017

Jun 30,2018

Profit as a percentage of revenue (GAAP)

12.5

%

10.1

%

11.2

%

Adjusted net income (excluding share-based compensation

expense and amortization of intangible assets including tax

effect thereon) as a percentage of revenue less repair payments
(non-GAAP)